Survival Kit For Buyers Market

Earlier the government used to plan shortages for the businessmans comfort, but today markets are the determining factors therefore marketing strategies, if they are to work, have to be drawn with a new focus. Post-independence India dropped 42 places to become the 49th largest exporter in the world in 1985. All this time, the Indian market forces were held back by central governing policies. In contrast, steps taken in the last few years have allowed the market forces to transform business from a sellers to a buyers market.

J S Panwar, in Marketing in the New Era has a focussed on contemporary marketing issues and what they mean to Indian industry. Indias economy is undergoing significant changes, its future yet undetermined, thus it is becoming imperative for firms to learn and adopt the right marketing perspective in order to face up to the challenges thrown up by rapid globalisation.

 

The author stresses that customer-oriented marketing has just seen the light of the day, and has definitely helped turn around the post-independence sellers market to a buyers one. In the old scenario, marketing functions played a limited role as success in business depended on a variety of factors like the needs of politicians and bureaucrats. Marketing has always been a sales-oriented function rather than market/customer-oriented . This closed door government policy, in fact, led to about a 160,000 units turning sick, all continuing to providing daily bread to thousands of employees, but tormenting the consumers and the taxpayers instead.

Change, a result of economic liberalisation, and importantly an unprecedented foreign exchange crisis in the early 90s drove the exchequer to the brink of bankruptcy. As a result, there was loss of control over production, distribution and open market prices. What was also lost was the umbrella of protection that the Indian industry had over foreign participation. Keeping this in mind, it is important for domestic managers to understand these changes and their implications so that they are able to sustain foreign and domestic competition.

Panwar has been able to assimilate large amounts of data on domestic and international companies, which he has pieced together in a readable format. The wide-ranging information helps readers comprehend the implications of the theoretical jargon being used extensively these days while explaining the changes taking place in the marketplace. The author outlines steps that are essential for achieving the goals set for the renaissance manager.

In the Indian context, competing firms should adopt a customer-oriented approach, choosing/developing the right product, customer service, information management, brand equity management, result-oriented pricing and globalisation to avoid product failure. As said earlier: Marketing is a battle of perceptions, not products. Thus, it is imperative for our managers to understand the new-found liberal era of marketing in India, and adapt themselves to it by effective resource and media management.

Although the book is not spectacular, it does serve a purpose -- of educating managers in a fast globalising economy by giving them tips on how to survive with a positive bank balance. The contents will make interesting reading for the middle order Indian manager or to-be manager, working in a tall order domestically bred company. Boosted with real life scenarios and case studies, the book focuses well with material of immediate relevance.

Panwar, who has well over 20 years experience in research, teaching and consultancy suggests strategic measures to upcoming managers on the ways to cope with the transition from a controlled to a control-free economy, from obsolescence to innovation and from isolation to gloabalisation. Marketing in the New Era will definitely come in handy for market researchers, entrepreneurs marketing managers, brand managers.

The books can also be of great use to management students specialising in the field of marketing. Marketing in the New Era: Combating Competition in a Globalising Economy

J S Panwar Response Books Rs 350(cloth), Rs 150 (paper)/277 pages Marketing has always been a sales-oriented function rather than market and customer-oriented